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Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price. By using the concepts of consumer and producer surplus, show that the decontrol of the price may make consumers worse off but will nevertheless improve society's economic welfare.
Explain why this strategy may in fact, be rational Also, identify at least two other strategies that might permit Argyle to earn higher profits.
Using the dynamic augmented Phillip's Curve model (Y/PC/MR), demonstrate the effects of the Following changes. Show both the short-run and long-run effects.
Changes in government spending and interest rates
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
What is the marginal propensity to consume. What is the slope of the consumption function (you should give a numerical answer, not a formula)?
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
In an article about the financial problems of the USA today, Newsweek reported that the paper was losing about $20 million a year.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
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